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IIA IIA-CIA-Part1 Practice Test - Questions Answers, Page 34

List of questions

Question 331

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A manufacturer of power tools is experiencing regular fluctuations in the price of electrical power which is having a serious impact on the bottom line. Which of the following would be the most effective risk strategy to reduce the impact of these fluctuations?

Use an average cost for power to smooth the bottom line.
Use an average cost for power to smooth the bottom line.
Analyze the amount of power used to produce each power tool.
Analyze the amount of power used to produce each power tool.
Review the current process to identify opportunities to reduce power usage.
Review the current process to identify opportunities to reduce power usage.
Use a forward contract for bulk power purchases
Use a forward contract for bulk power purchases
Suggested answer: D
asked 18/09/2024
Venish Arumugam
41 questions

Question 332

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An organization sells products through distributors. The organization's chief audit executive insists that the organization's code of conduct be applicable to their distributors as well. Which of the following risks would this mitigate?

Business continuity
Business continuity
Market manipulation
Market manipulation
intellectual property leakage
intellectual property leakage
Reputational damage
Reputational damage
Suggested answer: D
asked 18/09/2024
Michael Costello
41 questions

Question 333

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A chief audit executive assigned an internal auditor to perform an assurance engagement. The auditor concluded with a major audit finding based on hearsay evidence Which of the following competencies did the auditor appear to be lacking?

Effective communication skills
Effective communication skills
Risk-based assurance knowledge
Risk-based assurance knowledge
Demonstration of due professional care.
Demonstration of due professional care.
Demonstration of ethical behavior
Demonstration of ethical behavior
Suggested answer: A
asked 18/09/2024
matthew kim
43 questions

Question 334

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According to NA guidance which of the following should be documented in the internal audit chatter?

The risk assessment process applied by the internal audit activity
The risk assessment process applied by the internal audit activity
The organization's internal control framework used by the internal audit activity
The organization's internal control framework used by the internal audit activity
The nature of consulting services provided by the internal audit activity
The nature of consulting services provided by the internal audit activity
The performance evaluation process used by the internal audit activity
The performance evaluation process used by the internal audit activity
Suggested answer: C
asked 18/09/2024
safiqueahmed kazi
41 questions

Question 335

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Which principle of the HA Code of Ethics focuses on continuing education and professional development?

Due professional care
Due professional care
Professionalism
Professionalism
Proficiency
Proficiency
Competency
Competency
Suggested answer: D
asked 18/09/2024
Solomon Nidish
40 questions

Question 336

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An internal auditor performed a consulting engagement last year which included assisting with management's design of controls over the procurement function. How should the chief audit executive plan an assurance engagement on the adequacy of the internal control system in the procurement function in the current year?

Assign the engagement to another internal auditor on staff
Assign the engagement to another internal auditor on staff
Outsource the engagement to ensure independence
Outsource the engagement to ensure independence
Harness the auditor's knowledge of the procurement function by assigning the engagement to the same internal auditor
Harness the auditor's knowledge of the procurement function by assigning the engagement to the same internal auditor
Postpone the engagement to the following year to ensure enough time has passed since the controls were designed
Postpone the engagement to the following year to ensure enough time has passed since the controls were designed
Suggested answer: A
asked 18/09/2024
Mike Werts
36 questions

Question 337

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Which of the following drivers of fraud is directly controllable by an organization?

Pressure
Pressure
Rationalization
Rationalization
Opportunity
Opportunity
Incentive
Incentive
Suggested answer: C
asked 18/09/2024
Aziz ZENNOUN
55 questions

Question 338

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Which of the following best describes a responsibility of the board of directors with regard to risk management throughout the organization?

Monitor the organization's overall risk activities in relation to its risk appetite and other risk criteria.
Monitor the organization's overall risk activities in relation to its risk appetite and other risk criteria.
Guide the integration of risk management with other business planning and management activities.
Guide the integration of risk management with other business planning and management activities.
Review the portfolio of risk of the organization in relation to its risk appetite.
Review the portfolio of risk of the organization in relation to its risk appetite.
Assume responsibility for the effectiveness and success of the risk management framework
Assume responsibility for the effectiveness and success of the risk management framework
Suggested answer: D
asked 18/09/2024
Marcel Engelbrecht
48 questions

Question 339

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An organization's fraud policies and procedures dictate that the internal audit activity does not have primary responsibility for conducting fraud investigations and should, in fact, refrain from involvement in investigations. Which of the following activities would be considered acceptable for internal auditors to perform of this organization?

Evaluate the effectiveness of fraud investigations
Evaluate the effectiveness of fraud investigations
Oversee and monitor senior management s approach to manage fraud risks
Oversee and monitor senior management s approach to manage fraud risks
Set the tone for fraud risk management within an organization
Set the tone for fraud risk management within an organization
Evaluate whether the financial statements are free of material misstatement due to fraud
Evaluate whether the financial statements are free of material misstatement due to fraud
Suggested answer: B
asked 18/09/2024
Franco Santos
44 questions

Question 340

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A technology company recently hired an entry-level internal auditor. To achieve conformance with the Standards, which of the following must the newly hired internal auditor possess?

An understanding of fraud and fraud risk.
An understanding of fraud and fraud risk.
IT audit expertise.
IT audit expertise.
Industry-specific knowledge
Industry-specific knowledge
At least one audit-related certification
At least one audit-related certification
Suggested answer: A
asked 18/09/2024
Enayat Meer
30 questions
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Related questions

A new chief audit executive wants to develop a formal internal control framework for her organization. She uses globally accepted frameworks as a guide. Which of the following would she likely find critical in creating the new framework for her organization?
A global manufacturing company has three regional offices. The chief audit executive (CAE) is concerned about the cost of an upcoming external quality assessment of the internal audit activity. The last external assessment was performed six years ago. Recently, the internal audit staff at one of the regional offices performed an internal assessment. To ensure conformance with the Standards, what is the most appropriate action for the CAE to take?
Which of the following statements is true regarding risk management frameworks?
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An engagement supervisor notes that an internal auditor usually documents and submits draft audit reports for review without giving the process owners the opportunity to state their position on the issues raised. How should the engagement supervisor respond?
Which of the following requests, if accepted by the internal audit activity, would impair its independence?
Regarding the chief audit executive (CAE). which ot the following is considered an impairment to the independence of the internal audit activity?
An Internal auditor accepted a role as an engagement supervisor on a highly specialized and technical engagement for which she did not have the expertise. Which of the following fundamental principles of The IIA's Code of Ethics did she violate?
Which of the following would best preserve the organizational independence of the internal audit activity?
Which should the internal auditor first consider when assessing fraud risks during an engagement?